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News // Russia

Russia vows to continue oil trade with Iran despite US sanctions

06 November 2018 , 13:00Neftegaz.RU561

Teheran, November 6  - Neftegaz.RU. Russian Energy minister says Moscow will look for mechanisms to continue trade of Tehran’s crude despite American restrictions.

 

Russia has vowed to continue trade with Iran against the US’s attempts to throttle its oil sales when sanctions come into effect on November 5. Trump administration has warned Moscow against any actions that could help Iran evade the measures.

 

But Russia is looking to «continue developing» its trade with Iran regardless of the sanctions, Russian Energy Minister Alexander Novak told the Financial Times. «We believe we should look for mechanisms that would allow us to continue developing cooperation with our partners, with Iran,» Novak said. He noted it could «definitely confirm» the trade would continue after the US sanctions.

 

Analysts and business people predict that the country will continue to export at least 1 million barrels per day after November 5, mostly to Asian countries that are willing to defy the sanctions or able to secure waivers from the US. Fears of a major cut to Iranian exports helped to push oil prices to a 4-year high of more than $86 a barrel last month.

 

Meanwhile, the US has reportedly agreed to let 8 countries, including Japan, India and South Korea, keep buying Iranian oil after it reimposes sanctions on the OPEC producer.

 

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